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SpaceX’s Crew Dragon launch moves to March, risking Falcon Heavy delays

SpaceX completed a static fire of the first Falcon 9 rated for human flight on January 24th. DM-1 is now NET March 2019, clashing with Falcon Heavy's schedule. (SpaceX)

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The planning date for the launch debut of SpaceX’s Crew Dragon spacecraft has been pushed to no earlier than (NET) March 2019 per sources familiar with the matter, potentially creating a direct schedule conflict with the company’s planned operational debut of Falcon Heavy, also NET March 2019.

At the same time as delays to the Commercial Crew Program continue to increase the odds that NASA will lose assured access to the International Space Station (ISS) in 2020, both of SpaceX’s critical missions are entirely dependent upon the support of its Kennedy Space Center-located Launch Complex 39A (Pad 39A), creating a logistical puzzle that will likely delay Falcon Heavy’s second launch until Crew Dragon is safely in orbit.

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As of the first week of December 2018, SpaceX was reportedly planning towards a mid-January 2019 launch debut for Crew Dragon. By the end of December, DM-1 was no earlier than the end of January. By the end of January, DM-1 had slipped to from late-February to NET March 2019. Put in slightly different terms, SpaceX’s Crew Dragon launch debut has been more or less indefinitely postponed for the last two months, with planning dates being pushed back at roughly the same pace as the passage of time (i.e. a day’s delay every day).

Admittedly, DM’s apparently indefinite postponement may well be – and probably is – more of an artifact than a sign of any monolithic cause. While the US government’s longest-ever shutdown (35 days) undoubtedly delayed a major proportion of mission-critical work having to do with extensive NASA reviews of SpaceX and Crew Dragon’s launch readiness (known as Readiness Reviews), much of the 60+ day DM-1 delay can probably be attributed to the complexity of the tasks at hand. Being as it is the first time SpaceX has ever attempted a launch directly related to human spaceflight, as well as the first time NASA has been back at the helm (more or less) of US astronaut launch endeavors in more than 7.5 years, significant delays should come as no surprise regardless of how disappointing they may be.

The most consequential aspect of DM-1’s two-month (at least) delay will likely be the myriad ways it feeds into delays of SpaceX’s in-flight abort (IFA) test and first crewed launch (DM-2), and thus’s NASA’s ability to once again independently launch US astronauts. Given that SpaceX’s DM-2 is expected to occur around six months after DM-1 and that the final certification of Crew Dragon for official astronaut launches will likely take another 2-3 months, these delays – barring heroics or program modifications – are pushing NASA dangerously close to the edge of losing assured US access to the International Space Station (ISS).

According to a July 2018 report, the Government Accountability Office (GAO) analyzed the Commercial Crew Program and NASA’s human spaceflight program more generally and concluded that NASA would lose assured access to the ISS in November 2019 if Boeing and SpaceX continued to suffer delays and were unable to reach certification status by then. This comes as a result of NASA’s reliance on Russian Soyuz launches for access both to and from the ISS, launch and return service contracts which have no replacements (aside from SpaceX and Boeing). While GAO noted that NASA could likely delay that loss of assured access until January 2020, even that might be pushing it if SpaceX’s DM-1 delay continues much further.

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“[While NASA is working on potential solutions, it] has not yet developed a contingency plan to address the potential gaps that [future delays in Boeing and SpaceX schedules] could have on U.S. access to the ISS after 2019.” – GAO, July 2018

Prior to DM-1’s delay from NET January to NET March 2019, SpaceX was targeting an In-Flight Abort test roughly three months after DM-1 (it will reuse DM-1’s Crew Dragon capsule), DM-2 six months after DM-1 (NET June 2019), and NASA certification and the first operational astronaut launch (PCM-1) as few as two months after DM-2 (August 2019). It’s reasonable to assume that delays to DM-1 will impact subsequent Crew Dragon launches roughly 1:1, as DM-2 and its many associated reviews hinge directly on DM-1, while the same relationship also exists between PCM-1 and DM-2. As a result, Crew Dragon’s two-month delay probably means that SpaceX’s NASA certification will occur no earlier than October 2019, giving NASA no more than 90 days of buffer before the US presence on the ISS drops from around 50% (3 astronauts) to 0%.

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Crew Dragon and Falcon Heavy walk into a bar…

The unexpected delays to Crew Dragon’s DM-1 launch debut are likely placing SpaceX in an awkward situation with respect to the operational launch debut of Falcon Heavy, meant to place the terminally delayed Arabsat 6A satellite into orbit no earlier than March 7th, 2019 (at the absolute earliest). DM-1 is also targeting a launch sometime in March, posing a significant problem: both Falcon Heavy and Crew Dragon can only launch from Pad 39A, while the on-site hangar simply doesn’t have the space to support schedule-critical Falcon Heavy prelaunch work (mainly booster integration and a static fire test) and no less critical Crew Dragon launch preparations simultaneously.

 

Much like SpaceX’s inaugural Falcon Heavy rocket spent a month and a half fully integrated and more than two weeks in a static-fire limbo (albeit due to one-of-a-kind circumstances) before its launch debut, SpaceX’s second Falcon Heavy rocket – comprised of three new Block 5 boosters and Heavy-specific hardware upgrades – is likely to take a good deal more time than a normal Falcon 9 for prelaunch processing. Almost all of that Heavy-specific testing depends on the rocket being integrated (i.e. all three boosters attached) for preflight fit and systems checks and a wet dress rehearsal (WDR) and/or static fire ignition test.

It’s entirely possible that SpaceX integration technicians are able to complete the process of swapping out Crew Dragon and Falcon 9, modifying the transport/erector (T/E), completing Falcon Heavy booster integration, and installing Falcon Heavy on the T/E quickly enough to allow for simultaneous DM-1 and Arabsat 6A processing. It’s also possible that an extremely elegant but risky alternative strategy could solve the logistical puzzle – as an example, SpaceX could roll Crew Dragon and Falcon 9 out to Pad 39A a week or more before launch to give Falcon Heavy enough space for full integration, whereby Falcon 9’s necessarily successful launch would clear the T/E and allow it to be rolled back into 39A’s hangar for Falcon Heavy installation.

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The most likely (and least risky) end result, however, is an indefinite delay for Falcon Heavy Flight 2, pending the successful launch of Crew Dragon. This is very much an instance where “wait and see” is the only route to solid answers, so wait and see we shall.


Check out Teslarati’s newsletters for prompt updates, on-the-ground perspectives, and unique glimpses of SpaceX’s rocket launch and recovery processes!

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Eric Ralph is Teslarati's senior spaceflight reporter and has been covering the industry in some capacity for almost half a decade, largely spurred in 2016 by a trip to Mexico to watch Elon Musk reveal SpaceX's plans for Mars in person. Aside from spreading interest and excitement about spaceflight far and wide, his primary goal is to cover humanity's ongoing efforts to expand beyond Earth to the Moon, Mars, and elsewhere.

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Why SpaceX just made a $60 billion bet on AI coding ahead of historic IPO

SpaceX has secured an option to acquire Cursor AI for $60 billion ahead of its historic IPO.

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SpaceX announced today it has struck a deal with AI coding startup Cursor, securing the option to acquire the company outright for $60 billion later this year, while committing $10 billion for joint development work in the interim. The announcement described the partnership as building “the world’s best coding and knowledge work AI,” and comes just days after Cursor was separately reported to be raising $2 billion at a valuation above $50 billion.

The move makes strategic sense given where each company currently stands. Cursor currently pays retail prices to Anthropic and OpenAI to the same companies competing directly against it with Claude Code and Codex. That means every dollar of revenue Cursor earns partially funds its own competition. With SpaceX bringing computational infrastructure to the Cursor platform, that could reduce Cursor’s dependence on OpenAI and Anthropic’s Claude AI as its providers. Access to SpaceX’s Colossus supercomputer, with compute equivalent to one million Nvidia H100 chips, gives Cursor the infrastructure to run and train its own models at a scale it could never afford independently. That one change restructures the entire unit economics of the business.

Elon Musk teases crazy outlook for xAI against its competitors

Cursor’s $2 billion in annualized revenue and enterprise reach across more than half of Fortune 500 companies gives SpaceX something its xAI subsidiary currently lacks, which is a proven, fast-growing software business with real enterprise distribution.

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For Cursor, SpaceX’s $10 billion in joint development funding is transformational. Cursor raised $3.3 billion across all of 2025 to reach that $2 billion in revenue. A single $10 billion commitment from SpaceX, even as a development payment rather than an acquisition, dwarfs everything Cursor has raised in its entire existence. That capital accelerates product development, enterprise sales infrastructure, and proprietary model training simultaneously.

The timing is deliberate. SpaceX filed confidentially with the SEC on April 1, 2026, targeting a June listing at a $1.75 trillion valuation, in what would be the largest public offering in history. The company is expected to begin its roadshow the week of June 8, with Bank of America, Goldman Sachs, JPMorgan, and Morgan Stanley serving as underwriters. Adding Cursor to the portfolio before that roadshow gives IPO investors a concrete enterprise software revenue story to price in, alongside rockets and satellite internet.

The deal also addresses a weakness that became visible after February’s xAI merger. Several xAI co-founders departed following that acquisition, and SpaceX had already hired two Cursor engineers, signaling where its AI talent strategy was heading. Cursor, for its part, faces a pricing disadvantage competing against Anthropic’s Claude Code.

Whether SpaceX exercises the full acquisition option before its IPO or after remains the open question. Either way, this deal reshapes what investors will be buying into when SpaceX goes public.

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Elon Musk

How much of SpaceX will Elon Musk own after IPO will surprise you

SpaceX’s IPO filing confirms Musk will maintain his voting power to make key decisions for the company.

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Rendering of Elon Musk overlooking a Starship fleet (Credit: Grok)

Elon Musk will retain dominant voting control of SpaceX after it goes public, according to the company’s IPO prospectus that was filed with the SEC. The filing reveals a dual-class equity structure giving Class B shareholders 10 votes each, concentrating power with Musk and a handful of other insiders, while Class A shares sold to public investors carry one vote.

Musk holds approximately 42% of SpaceX’s equity and controls roughly 79% of its votes through super-voting shares. He will simultaneously serve as CEO, CTO, and chairman of the nine-member board after the listing. Beyond that, the filing includes provisions that may limit shareholders’ influence over board elections and legal actions, forcing disputes into arbitration and restricting where they can be brought.

The case for Musk holding this level of control is grounded in SpaceX’s actual history. The company’s most important bets, from reusable rockets to a global satellite internet constellation, were decisions that ran against conventional aerospace thinking and would likely have faced resistance from a board accountable to investor gains. Fully reusable rockets were considered economically irrational by established industry players for years. Starlink, which now generates over $4 billion in annual operating profit, was widely dismissed as financially unviable when it was proposed. The argument for concentrated founder control seems straightforward, and the decisions that built SpaceX into what it is today required someone willing to ignore consensus and absorb years of losses.

SpaceX files confidentially for IPO that will rewrite the record books

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For context, Musk’s position is significantly more dominant than Zuckerberg’s at Meta. The comparison with Tesla is also worth noting. When Tesla did its IPO in 2010, it did not issue dual-class shares. Musk has only recently pushed for enhanced voting protection, proposing at least 25% control at Tesla in 2024 after selling shares to fund his Twitter acquisition left him with around 13%.

SpaceX has clearly learned from that experience and structured the IPO differently by planning to allocate up to 30% of shares to retail investors, roughly three times the typical norm for a large offering. The roadshow is expected to begin the week of June 8, with a Nasdaq listing rumored to be a $1.75 trillion valuation and a $75 billion raise.

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Elon Musk

ARK’s SpaceX IPO Guide makes a compelling case on why $1.75T may not be the ceiling

ARK Invest breaks down six reasons SpaceX’s $1.75 trillion IPO valuation may be justified.

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ARK Invest, which holds SpaceX as its largest Venture Fund position at 17% of net assets, has published a detailed investor guide to why a SpaceX IPO may be grounded in a $1.75 trillion target valuation.

The financial case starts with Starlink, SpaceX’s satellite internet constellation, which has surpassed 10 million active subscribers globally as of early 2026, with 2026 revenue projected to exceed $20 billion. ARK’s research puts the total satellite connectivity market opportunity at roughly $160 billion annually at scale, and Starlink is adding customers faster than any telecom network in history. That growth alone would justify a substantial valuation.

Additionally,  ARK notes that SpaceX has reduced the cost per kilogram to orbit from roughly $15,600 in 2008 to under $1,000 today through reusable Falcon 9 hardware. A fully operational Starship targeting sub-$100 per kilogram would represent a significant cost decline and open markets that do not currently exist. SpaceX executed a staggering 165 missions in 2025 and now accounts for approximately 85% of all global orbital launches. That infrastructure position took decades to build and would be nearly impossible to replicate at comparable cost.

SpaceX officially acquires xAI, merging rockets with AI expertise

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The February 2026 merger with xAI added a layer to the valuation that straightforward financial models struggle to capture. ARK argues that at sub-$100 launch costs, orbital data centers could deliver compute roughly 25% cheaper than ground-based alternatives, without power grid delays, permitting friction, or land constraints. Musk has stated a goal of deploying 100 gigawatts of AI computing capacity per year from orbit.

The $1.75 trillion figure itself is not a conventional earnings multiple. At roughly 95x trailing revenue, it prices in Starlink’s adoption curve, Starship’s cost trajectory, and the orbital compute thesis together. The public S-1 prospectus, due at least 15 days before the June roadshow, will give investors their first complete look at the financials to test those assumptions. ARK’s position is that the track record earns the benefit of the doubt. Fully reusable rockets were considered unrealistic for years. Starlink was considered financially unviable. Both happened on timelines that surprised skeptics.

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